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Deductions & credits
Well I understand it now. In my case, the K-1 Box 1 was blank, but I had to select it anyway in TT and then just leave it blank - then you can say No to materially participate and TT then asks if it's an O&G company, to which you reply Yes. That makes it NonPassive income/Loss. You then enter the IDC loss when prompted and any other expenses/losses. Those losses reduce your ordinary taxable income.
‎November 17, 2022
2:02 AM